Gold prices declined in Pakistan on Monday as the international bullion market moved lower, ending the recent upward momentum in local rates.
According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold fell to Rs439,936 per tola. The decline followed a fresh drop in international gold prices.
The price of 10 grams of gold also decreased. It fell by Rs1,800 to Rs377,174, giving buyers some relief after recent increases in the domestic market.
Gold had moved higher during the previous trading session. On Saturday, the price increased by Rs1,100 per tola and reached Rs442,036. The latest decline has now reversed part of that gain.
International gold prices also weakened. The price of the precious metal fell by $21 per ounce to $4,174. Changes in the global bullion market usually have a direct impact on gold rates in Pakistan.
Local prices are also influenced by the Pakistani rupee’s performance against the US dollar, international demand, interest rate expectations and geopolitical uncertainty.
Silver prices also moved lower in Pakistan. The price of silver dropped by Rs23 per tola to Rs6,532.
Gold remains closely watched by investors, jewellers and consumers because prices have remained elevated amid global economic uncertainty.
The latest decline may provide temporary relief to buyers, particularly ahead of wedding-related jewellery purchases. However, bullion prices can change rapidly in response to international market movements and currency fluctuations.
Traders will now monitor global gold prices and the rupee-dollar exchange rate for further direction in the domestic market.
